All Eyes Set On UK GDP Data Due For Release Later Today

All Eyes Set On UK GDP Data Due For Release Later Today

For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6033.

In the Asian session, at GMT0400, the pair is trading at 1.6036, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.6007, and a fall through could take it to the next support level of 1.5978. The pair is expected to find its first resistance at 1.6055, and a rise through could take it to the next resistance level of 1.6074.

Market participants would monitor the GDP data to be released ahead in the day for confirmation on whether the UK economy defied expectations by growing at a better-than-expected pace of 1% in the third quarter. Moreover, government spending figure due for release along with the GDP reading will also be closely scrutinised to gauge whether the UK government is adhering to its austerity stance.